Altamira expands land position in Brazil

Altamira Gold Corp. (TSXV: ALTA) reported that it has submitted an application to expand to 300,000 hectares its land position at the Firminho project, located within the Alta Floresta Belt in Mato Grosso, west-central Brazil.

Such expansion would be reached by adding new claims that occupy over 70,000 hectares and lie on the northern margin of the belt close to the contact with the sediments of the Cachimbo Graben.

"We are extremely pleased to have been able to acquire these new exploration areas which significantly expands the potential of the Firminho project. The new ground now expands our land position to three major projects on the northern flank of the Alta Floresta Belt," Altamira Gold's President and CEO Michael Bennett said in a media statement.

According to Bennett, following a significant porphyry copper discovery in the eastern part of the belt, major mining companies developed an interest in the area. His firm, however, has been operating there for a decade.

"Since September 2017, Anglo American, Nexa Resources and the world's largest copper producer, Chile state-owned Codelco, have surrounded Altamira's land positioning. Throughout the year the entire district has been very active with technical teams of various major mining companies carrying out geochemical sampling, ground geophysical surveys, diamond drilling, and airborne geophysics throughout the belt," the executive said in today's press release.

Altamira reports that initial research studies conducted by The Geological Service of Brazil in 2008 and by the University of Campinas in December 2015 emphasized the potential within the Alta Floresta Belt to host porphyry-related Paleoproterozoic gold and base metal mineralization.